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【Abstract】 The current literature on the operation and management of pension insurance funds is still scarce, and the article on improving the operating income of basic pension insurance funds has not directly introduced and applied the performance concept. Therefore, this article intends to introduce performance theory to the basic pension insurance fund. During operation, discuss the importance and feasibility of performance for fund operation, and provide countermeasures to improve operation performance.
【Key words】basic pension insurance fund; fund operation; performance evaluation
【作者簡介】贠丁一，青岛大学。
Since the establishment of the National Social Security Fund (SSF) in 2000, the management and operation of basic pension insurance funds in China have basically achieved a transition from the local government to the SSF. There is still a large gap with developed countries. In order to improve the operating income of the basic pension insurance fund and realize the preservation and appreciation of the fund, it is necessary to introduce the concept of performance evaluation.
1. Basis for evaluating the performance of basic pension insurance funds
China’s basic endowment insurance fund uses a principal-agent mechanism. The basic idea of the principal-agent theory is to advocate the separation of ownership and management rights. The owner retains the remaining claim right and transfers the management right to the agent. This requires the agent of the fund to commit to the client the corresponding operating benefits and bear the corresponding responsibility, and the client needs to request and evaluate the agent. The performance evaluation method can allow the client to conduct more scientific supervision and evaluation. It can also generate incentives for agents.
2. Problems Existing in Basic Pension Insurance Fund Operation
The first, the lack of a scientific internal and external assessment and evaluation mechanism. China’s social insurance fund performance evaluation is part of the performance evaluation of public finance expenditure or as part of the government performance evaluation system. And there are only a few indicators of social insurance performance evaluation, only related to the relevant indicators of social insurance fund performance evaluation, not related to performance evaluation goals, performance evaluation processes and other related systems.
Second, insufficient information disclosure. On the SSF’s official website, the annual reports of the two funds often lag behind by more than half a year, and the specific data released are only annual reports and accounting statements, and there are less than 60 valid data in the annual reports. The investment income of the sovereign pension fund is related to “life support money”. SSF is also an institutional investor with huge capital. Trigger domestic financial market volatility. 3. Measures to improve the operational performance of basic pension insurance funds
First, establish and improve the performance evaluation mechanism for basic pension insurance funds. Based on the basic operating requirements of the basic pension insurance fund, based on the principles of profitability, safety, security, and sustainability of the fund operation, a scientific and effective evaluation index system for the operation performance of the fund pension insurance fund is established. Adhering to the unified guiding principles of profitability, safety, security and sustainability, the fund’s investment management capabilities are continuously improved to maximize the level of returns within the risk tolerance range.
Second, strengthen investment supervision and information disclosure. Aiming at the “insider control” problem of the current pension fund investment management, it is necessary to establish an effective investment supervision mechanism and information disclosure system to improve the self-binding power of trustees, trustees and investment management agencies.
References：
[1]Zhang Yinghua.Governance Difficulties and Breakthrough Paths of Sovereign Pension Funds——On the Reform of China’s Sovereign Pension Fund Investment Governance System[J]. Jianghuai Tribune,2019(4).
【Key words】basic pension insurance fund; fund operation; performance evaluation
【作者簡介】贠丁一，青岛大学。
Since the establishment of the National Social Security Fund (SSF) in 2000, the management and operation of basic pension insurance funds in China have basically achieved a transition from the local government to the SSF. There is still a large gap with developed countries. In order to improve the operating income of the basic pension insurance fund and realize the preservation and appreciation of the fund, it is necessary to introduce the concept of performance evaluation.
1. Basis for evaluating the performance of basic pension insurance funds
China’s basic endowment insurance fund uses a principal-agent mechanism. The basic idea of the principal-agent theory is to advocate the separation of ownership and management rights. The owner retains the remaining claim right and transfers the management right to the agent. This requires the agent of the fund to commit to the client the corresponding operating benefits and bear the corresponding responsibility, and the client needs to request and evaluate the agent. The performance evaluation method can allow the client to conduct more scientific supervision and evaluation. It can also generate incentives for agents.
2. Problems Existing in Basic Pension Insurance Fund Operation
The first, the lack of a scientific internal and external assessment and evaluation mechanism. China’s social insurance fund performance evaluation is part of the performance evaluation of public finance expenditure or as part of the government performance evaluation system. And there are only a few indicators of social insurance performance evaluation, only related to the relevant indicators of social insurance fund performance evaluation, not related to performance evaluation goals, performance evaluation processes and other related systems.
Second, insufficient information disclosure. On the SSF’s official website, the annual reports of the two funds often lag behind by more than half a year, and the specific data released are only annual reports and accounting statements, and there are less than 60 valid data in the annual reports. The investment income of the sovereign pension fund is related to “life support money”. SSF is also an institutional investor with huge capital. Trigger domestic financial market volatility. 3. Measures to improve the operational performance of basic pension insurance funds
First, establish and improve the performance evaluation mechanism for basic pension insurance funds. Based on the basic operating requirements of the basic pension insurance fund, based on the principles of profitability, safety, security, and sustainability of the fund operation, a scientific and effective evaluation index system for the operation performance of the fund pension insurance fund is established. Adhering to the unified guiding principles of profitability, safety, security and sustainability, the fund’s investment management capabilities are continuously improved to maximize the level of returns within the risk tolerance range.
Second, strengthen investment supervision and information disclosure. Aiming at the “insider control” problem of the current pension fund investment management, it is necessary to establish an effective investment supervision mechanism and information disclosure system to improve the self-binding power of trustees, trustees and investment management agencies.
References：
[1]Zhang Yinghua.Governance Difficulties and Breakthrough Paths of Sovereign Pension Funds——On the Reform of China’s Sovereign Pension Fund Investment Governance System[J]. Jianghuai Tribune,2019(4).